"I'm taking off stock positions and putting on almost exclusively option positions. Volatilities are very low. That gives me an opportunity to be there. It also takes some of that risk off the table, try and put a lot of that capital back in my pocket and wait until we see – because do think we'll see – a pullback.

On "Fast Money," he added, "Just about every stock in my portfolio outside of Apple, I've shifted almost exclusively into options."

Strong quarterly earnings among S&P 500 companies, increased German confidence, additional stimulus from the Bank of England and the Bank of Japan, and a three-month extension to the federal debt-ceiling debate were all positive for the broader stock market, he added. "What more do you need?"

Trader disclosure: On Jan. 22, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Pete Najarian is long AAPL; Pete Najarian is long BAC CALLS; Pete Najarian is long JPM CALLS; Pete Najarian is long RIMM CALLS; Pete Najarian is long SBUX; Pete Najarian is long FB ; Pete Najarian is long MSFT; Tim Seymour is long AAPL; Tim Seymour is long BAC; Tim Seymour is long CSCO; Tim Seymour is long SBUX; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long AGU; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU; Karen Finerman is long AAPL; Karen Finerman is long BAC; Karen Finerman is long JPM; Karen Finerman is long WMT; Karen Finerman is long TGT; Karen Finerman is long MSFT; Karen Finerman is long GOOG; Karen Finerman is short SPY; Karen Finerman is short IWM.